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Wait for a pullback to the zone 138.97-138.25

Wait for a pullback to the zone 138.97-138.25 | 23 January 2023

23 January 2023, USD/JPY

Wait for a pullback to the zone 138.97-138.25

Technical observation

On the chart above, price declined to the supportive level 126.78 but could not break below it, instead it bounced at the same level and since then it has been trading with an increasing bullish bias. This upwards movement is a correction to the resistance zone 138.97-138.25 and I expect a rejection within it followed by a momentum to the lower side. My advice, remain neutral and wait for a correction to the zone indicated above then sell a bounce within it with your take profit at 126.78 and stop-loss at 142.51. If there is a clear break below the level 126.78 with a big red candle, I expect the value of USD to plunge towards the levels 112.70 and 102.43.

Trade recommendation

Wait for a pullback to the zone 138.97-138.25 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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